During this period of decline for ETH, although it continues to fall, each pullback is still stronger than BTC. However, the volume of support looks a bit smaller, more like a tentative accumulation. This can also be seen from the small inflows into ETFs.
Since the rebound after last week’s overselling, the rebound highs are gradually decreasing, and the lows are slowly rising, forming a triangle pattern. Combined with the bottom volume and the support at the weekly and daily levels, there is a high probability that this is a continuation triangle. If ETH continues to pull back with the market, the key levels to watch at the daily level are near the 3030 range. The key levels at the weekly level are near the 2850 range. Although these two prices may seem far apart, it really only takes a few days to reach them. It's very important to have a trading plan in place so that when the price actually arrives, you know what to do.
Short-term daily levels
Several levels to pay attention to
Support level
First position 3283.4
Second position 3225-3240
Third position 3142
Resistance level
First position 3445 (already tested once)
Second position 3484
Third position 3516-3540
Trading emphasizes going with the trend, follow the big and counter the small. When the trend comes, take the ride on the tailwind; be flexible in turning when the trend reverses. Resisting the trend is like a mantis trying to stop a car, disrupting your mindset and trading rhythm.
In the cryptocurrency market, most movements occur at night. Especially strongly correlated with U.S. stocks, friends should remember to be proactive in taking profits and decisive in cutting losses. Holding onto positions has no meaning.
If you have any market interpretations about other cryptocurrencies or have any trading-related questions that need consulting, feel free to leave a comment.
Personal opinion, please read rationally. Not investment advice.
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Wishing you successful trading. Thank you!
